Tested solution:
function CurrencyFormat($cash) {
// strip any commas
$cash = (0 + str_replace(',', '', $cash));
// filter and format it
if($cash>1000000000000){
return "$".round(($cash/1000000000000),1).'T';
}elseif($cash>1000000000){
return "$".round(($cash/1000000000),1).'B';
}elseif($cash>1000000){
return "$".round(($cash/1000000),1).'M';
}elseif($cash>1000){
return "$".round(($cash/1000),1).'K';
}
}
echo CurrencyFormat('1,560,000');//outputs $1.6M
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